Reserve Bank of India move aimed at boosting availability of affordable housing
The Reserve Bank of India (RBI) has allowed lenders to add the cost of registration and stamp duty in the total cost of a house valued at not more than Rs 10 Lakh rupees for determining the maximum loan the property can get, in a move aimed at boosting availability of affordable housing.
The RBI said in a statement on its website late on Thursday, "It has been brought to our notice that these amounts from around 15 percent of the cost of the house and place a burden on the borrowers from economically weaker sections and low-income groups."
Banks typically finance up to 85 percent of the cost of a property, while buyers are required to pay the remainder.
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